We took them to arbitration, but they did not participate and we found out they closed their offices and I believe the owners are no longer residing in Florida.

Investment Info:Single-family residence buy & hold investment.

So I'm doing the preliminary work in the meantime--contacting the city to see what they would like, reaching out to the residents in the neighborhood, etc That's great that you are doing your research beforehand. 

Investment Info:Single-family residence other investment.

Some residents even suggest he find a new job.

If you intend to occupy this as a primary residence you could "assume" the loan meaning you would personally need to qualify with the existing lender to take on the loan in your own personal name. 3.

Maybe you're in limbo renting for a year while the primary residence gets built.

Quote from @Aaron Provencal: Investment Info:Single-family residence fix & flip investment.

I have looked at Hopatcong however despite allowing STRs, it has language that requires the STR to be the principal residence of the owner as indicated by something such as a diver's license.

In the process of refinancing to a permanent loan.